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Australian banking criminal-cartel case charges slashed as trial timetable hangs by a thread

By Laurel Henning ( August 18, 2021, 04:36 GMT | Insight) -- Australia’s federal prosecutors have been forced to slash two-thirds of the criminal charges relating to a 2015 Australia & New Zealand Banking Group share placement in developments that could undermine the timing of a landmark criminal-cartel prosecution. Prosecutors have focused their charges on one of the three initially alleged agreements at the heart of the case and have dropped all charges against Citigroup’s Stephen Roberts, who had faced criminal charges along with five other executives from Citi, Deutsche Bank and ANZ, along with their employers. As lawyers now plan to examine Australian competition officials and prepare for a debate on the legal context of the case — all before the matter is scheduled to go to trial in April 2022 — the timing of the prosecution is at risk.Australia’s federal prosecutors have been forced to slash two-thirds of the criminal charges relating to a 2015 Australia & New Zealand Banking Group, or ANZ, share placement in developments that could undermine the timing of a landmark criminal-cartel prosecution....

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